{"id":4527,"date":"2018-05-10T17:38:21","date_gmt":"2018-05-10T17:38:21","guid":{"rendered":"https:\/\/genhq.com\/?p=4527"},"modified":"2022-07-23T08:49:28","modified_gmt":"2022-07-23T08:49:28","slug":"millennials-and-taxes-the-knowledge-gap","status":"publish","type":"post","link":"https:\/\/genhq.com\/millennials-and-taxes-the-knowledge-gap\/","title":{"rendered":"Millennials and Taxes: The Knowledge Gap"},"content":{"rendered":"<p>Many Millennials <span style=\"text-decoration: underline;\"><a href=\"\/millennials-receive-financial-help\/\" rel=\"noopener\">still receive financial help<\/a><\/span> from their parents well into their twenties and thirties\u2014and not just in cash. A surprising number of Millennials also rely on their parents to not only help them with their taxes, but to do it for them completely.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-4528\" src=\"https:\/\/genhq.com\/wp-content\/uploads\/2018\/05\/Taxes.gif\" alt=\"\" width=\"870\" height=\"500\" \/><\/p>\n<h4>Why are parents helping Millennials with their taxes?<\/h4>\n<p>A recent <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.wsj.com\/articles\/yes-its-tax-day-and-youre-still-doing-returns-for-your-adult-children-1523891041\" target=\"_blank\" rel=\"noopener\">Wall Street Journal<\/a><\/span> article interviewed several parent-and-Millennial pairs about the matter, and most of the <span style=\"text-decoration: underline;\"><a href=\"\/importance-word-millennial\/\" rel=\"noopener\">Millennial<\/a><\/span> respondents were upfront about their knowledge gap when it came to taxes, and even more blatant with their lack of desire to learn.<\/p>\n<p>One interviewee, Meredith Hirt, 26, said that her father does her taxes and that she felt no motivation to change that. It\u2019s partially because her father, Joe Hirt, 63, encourages it.<\/p>\n<p>\u201cI\u2019m doing something for my fully able daughters, and, as a parent, I just get a kick out of it,\u201d he said. \u201cThey still need me for something.\u201d<\/p>\n<h4>What don\u2019t Millennials know about taxes?<\/h4>\n<p>According to a study in the <span style=\"text-decoration: underline;\"><a href=\"https:\/\/nypost.com\/2018\/04\/11\/millennials-have-no-idea-when-taxes-are-due\/\" target=\"_blank\" rel=\"noopener\">New York Post<\/a>,<\/span> 66% of Millennials surveyed didn\u2019t know that taxes were due on April 17<sup>th<\/sup> this year.<\/p>\n<p>A majority of Millennials were also unaware that certain life events can significantly affect your tax return, including getting married, <span style=\"text-decoration: underline;\"><a href=\"\/4458-2\/\" rel=\"noopener\">having a child<\/a><\/span>, and buying or selling a home, despite 72% of them having experienced at least one of these events in the past year.<\/p>\n<p>It will certainly be interesting to see what will happen when Millennials can no longer <span style=\"text-decoration: underline;\"><a href=\"\/baby-boomers-changing-face-retirement\/\" rel=\"noopener\">rely on their parents<\/a><\/span> for help with their taxes.<\/p>\n<h4>Solve Your Generational Challenges with Custom Research and Keynote Speaking<em>\u00a0<\/em><\/h4>\n<p>We lead national and international generational studies for our clients every day. We also keynote events around the world to help businesses better understand their Millennial and Gen Z customers and workforce.<\/p>\n<p>Let us know how we can help you.\u00a0<a href=\"mailto:info@genhq.com\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">Send us an email<\/span><\/a><span style=\"text-decoration: underline;\">\u00a0<\/span>or give us a call and we\u2019ll be happy to provide a little information for you to review.<\/p>\n<p><strong><em>Keep the conversation going, follow Jason and The Center on Instagram\u00a0<\/em><\/strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.instagram.com\/jason_dorsey\/\" target=\"_blank\" rel=\"noopener\"><strong><em>@Jason_Dorsey<\/em><\/strong><\/a><\/span><strong><em>\u00a0and\u00a0<\/em><\/strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.instagram.com\/thegenhq\/\" target=\"_blank\" rel=\"noopener\"><strong><em>@TheGenHQ<\/em><\/strong><\/a><\/span><strong> or on Twitter <\/strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/twitter.com\/jasondorsey\" target=\"_blank\" rel=\"noopener\"><strong>@JasonDorsey<\/strong><\/a><\/span><strong> and <\/strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/twitter.com\/GenHQ\" target=\"_blank\" rel=\"noopener\"><strong>@GenHQ<\/strong><\/a><\/span><strong><em>. We are passionate about sharing our latest generational discoveries!<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many Millennials still receive financial help from their parents well into their twenties and thirties\u2014and not just in cash. A surprising number of Millennials also rely on their parents to not only help them with their taxes, but to do it for them completely. Why are parents helping Millennials with their taxes? A recent Wall [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":4528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17,13],"tags":[],"class_list":["post-4527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-baby-boomers","category-millennials-aka-gen-y"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Millennials and Taxes: The Knowledge Gap - The Center For Generational Kinetics<\/title>\n<meta name=\"description\" content=\"Many Millennials still receive financial help from their parents well into their twenties and thirties\u2014and not just in cash. 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